FTC opens inquiry of Chevron-Hess merger, marking second review this week of major oil industry deal
The Federal Trade Commission is investigating Chevron’s acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger
FTC opens inquiry of Chevron-Hess merger, marking second review this week of major oil industry deal
Show all 2Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Federal Trade Commission is investigating Chevron's acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger.
Chevron and Hess said in separate filings that the FTC is seeking additional information and documentary materials related to Chevron's proposed $53 billion purchase of Hess, announced in October.
The statements Friday follow an announcement earlier this week that the FTC is reviewing ExxonMobil's proposed $60 billion acquisition of Pioneer Natural Resources. Such requests for information are steps the agency takes when reviewing whether a merger could be anticompetitive under U.S. law. If completed, the Exxon and Chevron deals would be among the largest mergers in the energy industry in two decades.
The inquiries come after Senate Majority Leader Chuck Schumer and 22 other Democratic senators urged the FTC to investigate the two deals. Schumer said Friday the Chevron-Hess merger would lead to "higher prices at the pump for families even while Big Oil profits keep going up and up.''
The FTC, which shares antitrust authority with the Justice Department, can sue in court to block a merger or decline to take action, effectively clearing the deal.
A spokesperson for the commission declined to comment Friday.
Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s 2022 invasion of Ukraine. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.